Turkey’s crypto sector is heating up for a nice expansion as both local and international companies express growing interest in operating within the country.
Business-friendly legislative changes LFG!
Business is booming
The Turkish Capital Markets Board, the CMB shared that 47 cryptocurrency firms have applied for licenses under new regulations.
We’re talking about the big names like Bitfinex, Binance TR, and OKX TR. Also worth to mention other major players like Coinbase, Bybit, KuCoin, MEXC, and Gate.io haven’t yet submitted their applications.
The rush of applications follows the enactment of the new law, which came into effect on July 2. This new rule wants to create a regulatory framework for crypto asset service providers in Turkey.
The CMB also told that three companies have already declared liquidation, while others are still under review due to incomplete or insufficient information.
When you make easier for businesses to making money, they will come
The CMB made it clear that the new legistalion it’s as business-friendly as possible, but simply being listed as “in operation” doesn’t equal official authorization.
Companies must receive official, formal approval from the board once secondary legislation is enacted.
The list of companies will be updated as they address any deficiencies or as the CMB completes its investigations.
Turkey’s parliament has yet to pass comprehensive cryptocurrency legislation, but the market is not entirely unregulated.
The country has already implemented two crypto-related regulations. The first, established in 2021, bans the use of cryptocurrencies like Bitcoin for payments, as they aren’t recognized as legal tender.
The second regulation mandate Anti-Money Laundering measures, overseen by the Financial Crimes Investigation Board.
Not surprisingly, this requires exchanges to collect Know Your Customer data to prevent illicit activities such as money laundering and terrorism financing.
Turkey became a key player in the global crypto economy
Turkey’s proactive stance to cryptocurrency regulation isn’t unexpected, the country possess a pretty high position in the global crypto economy.
They have the highest rates of cryptocurrency adoption worldwide, and Turkey ranks as the fourth-largest crypto market globally, with an estimated trading volume of $170 billion.
With this volume, the country surpass major markets like Russia, Canada, Vietnam, Thailand, or even Germany.
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